You Served, Let Us Serve You
The state of Iowa recognizes how much our service members have done for us. We’d like to help welcome you back home with the Military Homeownership Assistance Program.
The program provides a $5,000 grant to service members and veterans for down payments and closing costs on qualifying homes. The funds may be used in conjunction with the FirstHome and Homes for Iowans programs. This program is limited to funding availability.
Eligibility
- Service:
Have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present - OR is a federal status injured service person having served in active-duty August 2, 1990 to April 6, 1991 or September 11, 2001 to present.
- OR is a surviving spouse of said eligible service person who has had a discharge other than dishonorable.
Note: Active duty need not be consecutive; it may be cumulative. Inactive duty training, annual training and active duty for training may not count toward active duty.
Other Requirements
- Must receive prior approval before closing on a qualified home.
- Must utilize an IFA participating or facilitating lender to receive a non-IFA first mortgage if IFA deems it economically feasible and financially advantageous.
- At this time, IFA will approve a grant with non-IFA financing if the lender demonstrates that such financing is a fixed rate, permanent, fully amortizing mortgage loan that is lower cost than the most comparable IFA mortgage product available at the time the applicable loan estimate is issued.
Eligible Homes
- The home must be located in the state of Iowa and must be purchased by the eligible service member.
- The home must be occupied by the service member/spouse as the borrower’s primary residence within 60 days of closing.
- Single-family residences (including “stick-built” homes, modular homes or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate).
- Condominiums
- Townhomes
- A property containing up to four units, if one of the units will be the primary residence of the service member
Application Process
- Contact IFA Participating Lender
Interested homebuyers must apply for this financing by contacting an IFA participating lender. - Verification of Eligibility
The IFA participating lender takes the loan application and collects all necessary documents to verify eligibility. - Funding
If the homebuyer is verified to be eligible, the IFA participating lender funds the loan at closing. Program limited to funding availability.
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